Month-over-Month Changes

In October 2023, the Los Altos real estate market experienced some shifts compared to September 2023:

  • Homes Sold: There were 20 homes sold, a 5% decrease from 21 sales in the previous month.
  • Median Sale Price: There was a 2% increase, from $4,272,000 in September 2023 to $4,358,500 in October 2023.
  • Days on Market (DOM): The DOM decreased to 7 days from 8 days in September 2023.
  • Percentage of List Price Received: Sellers received 104% of their asking price, maintaining a strong seller’s market.

Analysis

The Los Altos market in October shows a slight decrease in the number of homes sold, but an increase in the median sale price. The decrease in DOM and high percentage of list price received indicate a continued strong market, particularly favourable for sellers.

Year-over-Year Comparison

Comparing October 2023 to October 2022, we observe the following:

  • Homes Sold: Decreased by 13%, from 23 to 20.
  • Median Sale Price: Increased by 6%, from $4.10M to $4.36M.
  • Median Days on Market: Decreased from 9 to 7 days.
  • Percentage of List Price Received: Increased from 101% to 104%.
  • Months of Inventory: Decreased from 1.2 to 0.8.

Analysis

Year-over-year, Los Altos has seen a decrease in the number of homes sold but a significant increase in the median sale price and a faster sales cycle. This trend suggests a robust seller’s market, with high demand and limited inventory driving up prices.

Price Points and Quadrants

The sales details for October 2023 in Los Altos were as follows:

  • Top Quadrant: 5 homes sold, Median Sale Price: $5,580,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,582.
  • Second Quadrant: 5 homes sold, Median Sale Price: $4,770,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,645.
  • Third Quadrant: 5 homes sold, Median Sale Price: $4,100,000, Median DOM: 7, Avg. $/Sq.Ft.: $2,115.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $3,200,000, Median DOM: 1, Avg. $/Sq.Ft.: $1,568.

Analysis

The data indicates active sales across all quadrants, with the top and second quadrants showing the most activity. This suggests a strong market for sellers, especially in the higher price ranges.

Conclusion

The Los Altos market in October 2023 displayed a slight decrease in the number of homes sold month-over-month, but an increase in median sale price both month-over-month and year-over-year. The market dynamics indicate a strong seller’s market, with high demand and quick sales, especially in the higher-priced segments. This information is crucial for both buyers and sellers, highlighting the competitive nature of the Los Altos real estate market.

Data provided by MLSListings and is deemed reliable but not guaranteed.